Frequently Asked Questions

What is a Designated Beneficiary Agreement? A contract between two people ensuring certain rights and financial protections based upon the completed document. To be legally enforceable it must be properly recorded at the county Clerk and Recorder’s office.

When does the Designated Beneficiary law go into effect? The Designated Beneficiaries law goes into effect on July 1, 2009.

Where can I get a Designated Beneficiary Agreement? Print the Designated Beneficiary Agreement form from this website. Attorneys who specialize in estate planning issues may have forms available. Some Clerk and Recorders may have forms available at their offices, but they are not required to do so. Any designated beneficiary agreement form used must be in substantial compliance with the requirements of the law.

When does my Designated Beneficiary Agreement become effective? Once the form is completed, signed and notarized it will become effective on the date and time it is received by the Clerk and Recorder’s office in the county where one of the parties resides.

Who can enter into a Designated Beneficiary Agreement? Any two people who are both at least 18 years old, are competent to enter into a legal contract, are unmarried, and not a party to another designated beneficiary agreement. Both must enter into the designated beneficiary agreement without force, fraud, or duress.

I have some estate planning documents already prepared. What effect will entering into a Designated Beneficiary Agreement have on those? The Designated Beneficiary Agreement law takes into account “superseding legal documents.” Those legal documents, regardless of the date of execution, which are valid and enforceable, will control to the extent they conflict with all or a portion of a designated beneficiary agreement.

What kinds of documents could be considered Superseding Legal Documents? Examples could include a will, a power of attorney, a medical power of attorney, a trust instrument, a beneficiary designation in an insurance policy or policy of health care coverage, beneficiary designation in a retirement or pension plan, a beneficiary designation for a deposit or account, a declaration as to medical treatment, a declaration as to disposition of last remains, or a marriage license. Execution of a Designated Beneficiary Agreement will not be evidence of intent to revoke a superseding legal document.

Do I have to carry a copy of an executed Designated Beneficiary Agreement in order to have it enforced? It is recommended, but not required, that each designated beneficiary have a copy of the agreement available to produce upon request. Under the law it is enough, however, to affirm the validity of the agreement and disclose any knowledge of any superseding legal document for someone to rely on its existence. Any third party such as a doctor or hospital personnel who acts in good faith reliance of the affirmation of the existence of a valid Designated Beneficiary Agreement will not be subject to civil liability or administrative discipline relying on that affirmation.

Is a Designated Beneficiary Agreement forever? What do I have to do to end it? Either party may at any time file a Revocation of Designated Beneficiary Agreement form with the Clerk and Recorder’s office in the county where the original Designated Beneficiary Agreement was filed. Reasonable fees as defined by state law will be charged for this filing. The Clerk will issue a certified copy to the party recording the revocation and will mail a certified copy to the last-known address of the other party. The revocation is effective as of the date and time received in the county Clerk and Recorder’s office.

What if one or both of the Designated Beneficiaries gets married? A Designated Beneficiary Agreement will be deemed revoked upon the marriage of either party. “Marriage” in this context, must be one which is valid and recognized in the state of Colorado.

What happens if one of the Designated Beneficiaries dies? The agreement is terminated upon the death of either party; however, a right or power which the agreement conferred upon the surviving party remains intact. For instance, inheritance rights would still be governed by the agreement even though it has technically been terminated by the death of a party. The survivor may then enter into a designated beneficiary agreement with a different person so long as all other requirements are met.

What is the relationship between the Designated Beneficiary Agreement and Denver’s Domestic Partnership registry? Please note that completing and recording a Designated Beneficiary Agreement is entirely different from signing up to be on the Domestic Partner Registry either in Denver or Boulder. Those registries provide the opportunity to add a domestic partner to city employee benefit plans. In Denver and Boulder you may do both a Designated Beneficiary Agreement and a Domestic Partner Registry.

DISCLAIMER: Nothing contained within this FAQ is intended to serve as legal advice. Each situation of estate planning concerns varying factual differences. Please seek an attorney’s guidance if you have additional questions.